(Yicai) March 27 -- BYD is distributing cash dividends amounting to CNY9 billion (USD1.2 billion) to shareholders this year as the Chinese new energy vehicle giant celebrates a 80.7 percent surge in net profit last year from the year before thanks to record electric car sales and overseas shipments.

BYD raked in net profit of CNY30 billion (USD4.1 billion) in 2023, according to the Shenzhen-based firm’s latest earnings report. The company will hand out a cash dividend of CNY30.96 (USD4) for every 10 shares to shareholders.

Revenue for the year surged 42 percent to CNY602.3 billion (USD83.3 billion), the report said. Of this, revenue from cars and car-related products soared 48.9 percent to CNY483.4 billion, and that from other businesses, such mobile phone parts and assembly, climbed 20 percent to CNY118.5 billion (USD16.3 billion).

Last year BYD became the first car manufacturer to sell more than three million electric cars in a year, as auto shipments soared 61.9 percent year on year to hit 3,024,400 units, said Chairman Wang Chuanfu.

Overseas sales reached a new high last year, surging more than four-fold to 242,800 units, according to the report. This led to a 75.2 percent leap in international business revenue to CNY160.2 billion (USD22.1 billion).

China’s NEV market will continue to grow strongly in 2024 entering the era of tens of millions of electric cars, and the penetration rate is expected to increase, Wang said. BYD will master consumption trends, continue to promote its multi-brand matrix and accelerate going global.

BYD has been China's biggest seller of electric cars for 11 consecutive years and it was the first Chinese carmaker to rank among the top 10 in global sales, Wang said. The company continues to expand its global footprint and improve brand awareness, he added.

Despite the strong performance, BYD’s share price [SHE:002594] was trading down 3.2 percent at CNY212.45 (USD29) as of 2.45 p.m. Earlier in the day it slumped 4.3 percent to CNY210.

Editor: Kim Taylor